Emergence of Global Artificial Intelligence in Drug Discovery Market by Introduction of Machine Learning Tools in the Repurposing of Drug Development. North America to witness the highest growth
Global Artificial Intelligence in Drug Discovery Market is expected to reach the market valuation of US$ 6,996.8 million by 2027 expanding at a significant CAGR of 42.2% during the forecast period (2021-2027) from US$ 597 million in 2020. Artificial intelligence in Drug Discovery is the processes and practicalities of enabling machines to skillfully perform intelligent tasks, without explicitly being programmed for those tasks. This will simplify the procedure of drug discovery with more efficiency and also lowering the time and cost of the market. It signifies that the market of Artificial Intelligence in drug discovery will upsurge in the forecast period.
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The various factors driving the Artificial Intelligence in Drug Discovery market include the growing incidences of the rare diseases emerging the necessity for personalized drugs and the reducing cost of R&D activities by lowering the risks of failure in clinical trials. Furthermore, increasing efficiency and reducing manual work is also anticipated to drive the market. Artificial intelligence technologies are used in drug discovery to extract concepts and relationships from data and learn independently from data patterns, augmenting what humans can do. It includes computer vision, deep learning, machine learning, natural language processing, robotics, speech, supervised learning, and unsupervised learning. By using these tools, the Drugs are made in less period with efficiency and fewer chances of failure. For instance, in April 2019, BenevolentAI began a long-term collaboration with AstraZeneca, which aimed at using AI and machine learning to develop new treatments for chronic kidney disease (CKD) and idiopathic pulmonary fibrosis (IPF). The collaborations and partnerships are rising for the advancement of new drugs to treat chronic diseases. It is anticipated that these collaborations will lead to the upsurge of Artificial intelligence in drug discovery market in the forecast period.
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Due to the Covid-19 outbreak, artificial intelligence in drug discovery and development market has grown significantly. This is due to the surge in adoption of AI with the rise in number of partnerships between AI providers and pharma or biotech companies to develop a drug for the treatment of patients affected by a coronavirus. For instance, Pepticom, a leader in artificial intelligence peptide drug design and discovery in March 2021, announced that it has raised UD$ 2.6 million to establish a company to focus on treatments for the SARS-Cov-2 virus, responsible for the COVID-19 outbreak. The company, PeptiCov, will implement Pepticom's AI technology to design, discover and develop novel peptide molecules for effective treatment of the SARS-Cov-2 virus. This gives an idea that many investors are willing to invest in the field of AI in drug discovery due to its technological advancements and need for the development of drugs for rare diseases.
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Based on Technology, the market is bifurcated into Machine Learning and Other technologies. The Machine Learning segment dominated the market in 2020 as the advances in wireless technology, miniaturization, and computational power with the use of machine learning architectures are fueling the development of more refined and powerful AI tools.
Based on Components, the market is bifurcated into Software and Service. The Software segment accounted for the major revenue portion in 2020. As the Companies which use software has low cost and takes less time to market the drug with low failure rates.
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Based on Application, the market is bifurcated into Drug optimization and repurposing, Preclinical testing, and others. The Drug optimization and repurposing segment accounted for the major revenue portion in 2020. As the AI platforms help in identifying alternative applications for existing medicines which can help pharma companies expand their collection of offerings and assist in producing alternative therapies through repurposing in pharmaceutical products.
Based on Therapeutic Area, the market is bifurcated into Cardiovascular Diseases, Infectious Diseases, Metabolic Diseases, Neurogenerative Diseases, Oncology, and Others. The Oncology segment accounted for the major revenue portion in 2020. As, as AI plays an important role in the early identification of cancer. Moreover, cancer treatments may be different for every patient and personalized medicine has proven to be an actual alternative.
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Additionally, the report provides detailed initiatives that are being taken in the field of Artificial Intelligence in Drug Discovery. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Artificial Intelligence in Drug Discovery industry and generated the maximum revenue in 2020 owing to the presence of key companies and healthcare infrastructure with the highest spending’s in the world. However, the Europe region would also grow at the same pace during the forecast period.
Some of the major players operating in the market include IBM Corporation, Microsoft, Google, NVIDIA Corporation, Atomwise, Inc., Insilico Medicine, BIOAGE, BenevolentAI, Numerate, NuMedii, etc. Several M&As along with partnerships have been undertaken by these players to develop Artificial Intelligence in Drug Discovery Market.
Global Artificial Intelligence in Drug DiscoveryMarket Segmentation
Market Insight, by Technology
- Machine Learning
- Other Technologies
Market Insight, by Components
Market Insight, by Drug Type
- Small molecules
- Large molecules
Market Insight, by Application
- Drug optimization and repurposing
- Preclinical testing
Market Insight, by Therapeutic Area
- Cardiovascular Diseases
- Infectious Diseases
- Metabolic Diseases
- Neurogenerative Diseases
Market Insight, by End-user
- Contract Research Organizations
- Pharmaceutical & Biotechnology Companies
- Research Centers and Academic & Government Institutes
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- IBM Corporation
- NVIDIA Corporation
- Atomwise, Inc.
- Insilico Medicine